Gold shattered yet another all-time high, and if 10x Research is right, today’s price could be the cheapest investors will see for a while.
Meanwhile, Bitcoin continues to drift sideways, conspicuously absent from the year-end rally that has swept through traditional safe-haven assets.
Gold’s Record-Breaking Run
Spot gold climbed as high as $4,459.60 an ounce in early Asian trading on Tuesday, extending a 2.4% surge from the previous session—the biggest single-day gain in over a month. The yellow metal is now up 67% year-to-date, on track for its strongest annual performance since 1979.
The rally is being fueled by a confluence of factors: growing expectations that the Federal Reserve will cut interest rates twice in 2026, escalating geopolitical tensions across multiple fronts, and sustained central bank buying. The US has intensified its oil blockade against Venezuela, Ukraine struck a Russian shadow fleet tanker in the Mediterranean for the first time, and Japan-China tensions remain unresolved.
Gold-backed ETFs have recorded inflows for four consecutive weeks, with total holdings rising every month this year except May. Goldman Sachs has issued a base-case target of $4,900 for 2026, with risks skewed to the upside.
10x Research: Buy Signal Triggered
Quantitative research firm 10x Research issued a high-conviction buy signal on gold, scoring 7.4 out of 10—one of the strongest readings in years.
The firm’s model identified a price range pattern that has historically delivered a median return of +7.8% over the following three months, with 9 out of 10 past occurrences showing positive returns. That translates to a 90% hit rate.
Based on the current price of $4,480, 10x Research sets a target of $4,830 and recommends a stop-loss at $4,393, representing a 2% downside risk. The firm suggests allocating up to 51.3% of a portfolio to the trade, reflecting elevated confidence in the setup.
Crucially, the research note emphasized that this rally is not driven by speculative excess. Instead, it reflects structural forces: declining real interest rates, heightened geopolitical risk, and renewed institutional demand. New entrants to the gold market—including stablecoin issuers like Tether and corporate treasury departments—are creating a broader capital base that adds resilience to demand.
Silver, Platinum Join the Party
Gold isn’t alone. The entire precious metals complex is surging.
Silver edged up to $69.21 an ounce, within striking distance of its all-time high of $69.45 set just a day earlier. The metal has been buoyed by speculative inflows and lingering supply dislocations following a historic short squeeze in October.
Platinum rallied for an eighth consecutive session, breaking above $2,000 for the first time since 2008. The metal has gained approximately 124% this year, driven by tightening conditions in the London market and robust Chinese demand.
Palladium surged 7.1% to hit its highest level in nearly three years.
The Bloomberg Dollar Spot Index, meanwhile, fell 0.4%, providing additional tailwind for dollar-denominated commodities.
Bitcoin’s Santa MIA
While gold and silver celebrate new highs, Bitcoin is notably absent from the festivities.
The largest cryptocurrency is trading around $88,526, down 21% from its September peak above $112,000. Over the past 24 hours, BTC has moved within a narrow band between $87,979 and $90,353. With thin holiday liquidity ahead, directional conviction appears limited on both sides.
For Bitcoin bulls hoping for a Santa Claus rally, the chimney appears to be relatively small now. Gold has captured the safe-haven bid, and this Christmas, the cryptosphere still awaits Santa’s visit.
